If you’re looking for a quick synopsis of how Chicago’s real estate market is faring, we can probably sum it accordingly: home and condo prices are up, selling times are down, and inventory is still low in many of the city’s hottest neighborhoods.
As for current home prices in Chicago, the median sales price of For Sale properties jumped 9% from June 2014 to June 2015 and is currently at $238,900, while new construction properties had a much more significant jump, increasing by 20% from $429,000 to $495,000 over that same time period.
The luxury market is also holding strong in Chicago, which is classified as homes over $1 million. In 2014, 983 luxury homes were sold over the first and second quarters, while this year, 1,162 luxury homes have sold over that same time frame.
With inventory still very low around Chicago and interest rates still remaining steady at or around the 4.0% range, it's an ideal time to sell if you're considering a change. As for those looking to buy, remember to act fast when making a final decision. With Chicago's real estate market being as competitive as it is right now, multiple offers on the same property seems to be the norm right now, especially in neighborhoods like the West Loop, River North, and Ukrainian Village.